Practice Options for Physicians
Whether you are a new physician or someone with many years of practice experience, understanding the different practice options for physicians seeking new jobs will help you decide what types of opportunities to consider. Practice options for physicians can range from the typical clinical setting to corporate or traveling positions. Here are the basic practice options for physicians to consider:
Solo practice is a good option for the physician who desires a degree of management and fiscal control over the medical practice. Some hospitals provide an income guarantee and support to help a new physician set up a practice. Solo practices have become less popular as it requires more business skills and can be difficult to manage all the overhead that comes with one’s own practice.
A group practice can have physicians of multiple specialties within the same company. It is a good option because there is typically a steady stream of referrals between the providers in a group. Another group option is working with other physicians who share your specialty, which helps with shared call and overhead expenses.
Some physicians can choose to work directly in a hospital setting. This practice option provides stability – the hospital is responsible for overhead, practice management, and other concerns. Typically, there is no debt liability in terms of start-up costs or practice loans, and no need to stay in the service area to satisfy forgiveness requirements.
Locum Tenens is temporary employment for physicians. It’s usually a temporary position where you’re filling until the position can be filled permanently or the practicing physician returns from an extended leave, such as maternity leave. Locum Tenens as a practice option for physicians allows you to explore various practice types and locations before deciding which one is right for you. It can also be a great way to set your own schedule and typically work for a higher hourly rate. For more about Locum Tenens, check out www.medestar.com.
Academic practice is a great practice option for physicians for whom teaching or possibly research is the goal and you want to transfer your knowledge base to residents and fellows. Academic practice options are available through university hospitals and places where a training program will complete a rotation. In many cases, someone can pursue an academic practice while continuing their clinical work.
A non-clinical practice option is best suited for the physician interested in research and development or in working for a pharmacology company, test laboratory, medical device maker, or in a similar environment. For a more seasoned physician, a non-clinical position could mean becoming a member of the hospital administration and/or executive team. Executive positions for physicians can be medical director, chief medical officer, practice administrator, president or even chief executive officer positions.
To learn more about the different practice options for physicians, you can reach one of our expert physician recruitment consultants. As liaisons between hospitals and groups seeking physicians and the physicians looking for positions, we can explain all the available options and help you decide what works best for personal and professional goals. Go ahead, ask us how we can help: